16.02.2010 14:10:00 CET

North Energy - Mandatory notification of trade

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

(Alta, Norway, 16 February 2010) North Energy ASA ("North Energy" or the "Company") announces that further to the subscription of shares by way of exercise of previously issued subscription rights, the list below gives an overview of subscriptions for North Energy shares carried out by primary insiders in the Company and the primary insiders' related parties. The subscriptions for new shares included in the list were conducted 4 February 2010. All shares subscribed were subscribed according to previously issued subscription rights.

Knut Arnbjørn Aaneland subscribed 1,300 shares (total holding after subscription: 34,900 shares)
Harriet Hagan subscribed 25,000 shares through wholly owned Amie AS (total holding after subscription: 25,000 shares)
Marion Bente Høgmo subscribed 1,500 shares (total holding after subscription: 3,200 shares)
Knut Sæberg subscribed 16,300 shares (total holding after subscription: 16,300 shares)
Arnulf Østensen subscribed 10,000 shares (total holding after subscription: 10,000 shares)
Vigdis Wiik Jacobsen subscribed 4,000 shares (total holding after subscription: 40,500 shares)